Twitter and Square CEO Jack Dorsey has committed $1 billion to helping the world recover from the COVID-19 crisis.
In a series of tweets, Dorsey said Tuesday the money would be coming from his Square equity, which represent 28% of his total wealth.
In addition to supporting short-term relief efforts, Dorsey plans to invest in the futures of individuals and local communities impacted by the pandemic.
To do so, the newly formed #startsmall LLC will support universal basic income (UBI) and girls’ health and education worldwide.
“I believe they represent the best long-term solutions to the existential problems facing the world,” Dorsey tweeted. “UBI is a great idea needing experimentation [while] girl’s health and education is critical.”
As for why Dorsey decided to set up his fund as a limited liability company, he said it will more effectively segment his shares to deserving causes, while offering more flexibility.
“Grants will be made from the Start Small Foundation or the LLC directly based on the beneficiary org,” he tweeted. Promising transparency, all of the fund’s transactions will be posted on a public tracking sheet.
To date, other tech companies and moguls have committed large sums to supporting relief efforts related to the COVID-19 pandemic.
Last month, Facebook allotted $100 million for small businesses around the world, while its CEO Mark Zuckerberg and his wife Priscilla Chan donated $100 million to help find more effective COVID-19 treatments.
Amazon founder and CEO Jeff Bezos also said he was giving $100 million to help stock food banks.
Yet, the sheer size of Dorsey’s pledge is remarkable.
As for why Dorsey isn’t pulling from his Twitter equity, he said he simply owns much more Square equity.
Tying the investment back to his companies’ business interests, Dorsey said: “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”